Sian,an Accountant,prepares a Tax Return for a Client,Toy Sales Company

question 13

Essay

Sian,an accountant,prepares a tax return for a client,Toy Sales Company.Vita,who is not an accountant,prepares a tax return for Wu's business,Xtra Delivery Service.Is an accountant who prepares a tax return for a client liable for any false statements in the return? Is a person who is not an accountant and who prepares a tax return for some?one else liable for any false statements in the return?

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Definitions:

Securities

Assets in the form of stocks representing part ownership in companies on the stock exchange, bonds signifying creditor status with governments or businesses, or options that offer the possibility of ownership.

Beta

A measure of a stock's volatility in relation to the overall market, indicating its risk compared to the market as a whole.

Portfolio

A collection of financial investments like stocks, bonds, commodities, cash, and cash equivalents, including closed-end funds and exchange-traded funds.

Securities

Financial instruments representing ownership (stocks), a debt agreement (bonds), or the rights to ownership (derivatives) that can be bought and sold.